An "intangible asset" is an asset that has a significant value but no physical presence and provides a company with long-term financial value. Intangible assets that can be individually marketed by the business can be separated from other assets and can be identified are known to as identifiable intangible assets. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to distinguish one company's goods or services from those of other businesses. For trademarks, intellectual property rights offer protection. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
As per the company's assessment of the fair value of identified intangible assets, other intangible assets were $345 million of the total. In FY2022, the company's net value of intangible assets was $8,978 million. Salesforce's gross intangible asset value increased by 70.4%, from $3,305 million in FY2021 to $5,633 million in FY2022. The company's amortization expense for intangible assets was $1,600 million in FY2022.
In FY2022, the company completed an acquisition of Slack Technologies, Inc for total cash consideration of $27.1 billion. As a result, it recognized developed technology intangible assets of $6.1 billion. Salesforce retired $377 million of fully depreciated intangible assets during FY2022, of which $61 million were included in acquired developed technology. For FY2022, the company reported revenue of $26.5 billion, an increase of 25% year-over-year. The company's amortization expense for intangible assets was $1,100 million and $792 million in FY2021 and 2020 respectively.
Salesforce Inc (Salesforce), formerly known as Salesforce.com Inc, is a provider of enterprise cloud computing solutions. The company's cloud computing services enable businesses to connect, engage, sell, service, and collaborate with customers. Salesforce provides its solutions as a service through all major internet browsers and on leading mobile devices to all sizes of businesses on a subscription basis, primarily through its direct sales force and partners. The company also enables third parties to develop additional functionality and new apps that run on its platform.
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